I’ll eat my hat…

I am amazed by the willingness of many practitioners to leave money on the table.

And yet, looking back to my own time in full-time practice, I can see that I was as guilty of the same lack of foresight. Driven by the clock, by countless phone calls and numerous interruptions by staff. There was barely time to deal with what was in front of me let alone consider other options to increase client service levels and our fee income.

Low hanging fruit

Whether you are still in the heady days of initial growth, spurred by plentiful referrals, or on the downward slope of an ageing client base, pressure on fees from unqualified competitors, you are likely to be missing a trick or two to capitalise on your endeavours.

You have already met the cost of acquisition of your clients and are no doubt providing the services that met their needs when you were first engaged as their adviser, but what about other services you could be providing? These opportunities are your low hanging fruit: they are in easy reach and you will already have the ear of individuals who are willing to sit and listen to what you have to stay.

Cost benefit considerations

If you are selling additional services to clients, there is one aspect of your approach that you will need to take into account: the perceived benefits of the advice you want to provide must always exceed the cost of your time, and their co-operation, in taking the advice.

Often times this will be evidenced by a reduction in a present liability, a reduction in risk and associated anxiety or by creating some future benefit.

Do you have a cross-sales program for your practice?

If the answer to this question is no, or you have a nagging suspicion that you are leaving money on the table, then consider the following challenge.

I’ll eat my hat

Now we get to the nub of the OTT title of this post. I will, hypothetically, eat my hat if during a short phone call I cannot identify at least one campaign that you could use to increase cross-sales to your client base.

All it will take is lifting the phone, or email with a time when you are available to speak.

Bob Edwards: m 07879 896073; LL 01723 363133; email bob@landmarkpd.co.uk.



Bob Edwards

Bob has been working with practices across the UK offering novel ways to improve cross-sales and increase new client acquisitions. He is also interested in "step changes" in legislation that offer challenges, and therefore opportunities, for practitioners to provide new recurring and one-off support services to clients.

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